On December 20, 2017, the executive board of IMF has approved the first review of its 3-year economic programme (2017-2019) with Cameroon’s government.
“Cameroon’s performance under the ECF-supported arrangement has been broadly satisfactory. The authorities remain fully committed to fiscal consolidation and the 2018 budget is in line with program objectives. However, meeting the deficit targets may be challenging in the context of weaker-than-envisaged revenue, and spending pressures in 2018 and 2019”, said Mitsuhiro Furusawa Mitsuhiro Furusawa, IMF’s Deputy Managing Director.
The approval, according to an official statement, allows for the provision of $117.2 million, that is more than CFA65 billion, to Cameroon. This additional financing brings to about $292.9 million (about CFA162 billion) monies granted to Cameroon by IMF, since the signing of an extensive credit facility, between Cameroon and the Breton Woods institution in June 2017.
Valued at $666 million (more than CFA370 billion) the programme with IMF plans for various disbursements over a 3-year period, subjected to the validation of mid-year reviews conducted by the fund’s executive board.
The 3-year programme is aimed at supporting the country’s efforts in restoring external and fiscal sustainability and lay the foundation for a sustainable and inclusive growth, driven by the private sector.
With businessincameroon
